Ford takes on Tesla in battle for electric supremacy with Mustang SUV
Ford unveils first all-electric SUV as race to bag electric-vehicle market share heats up
Ford has revealed its first all-electric sports utility vehicle will be a version of its iconic Mustang, and will hit the roads early next year.
The company unveiled the Mustang Mach-3, a performance SUV with a range of 370 miles, at a special event in Los Angeles on Sunday. It can accelerate from 0 to 60mph in under five seconds, putting it on a par with rival Tesla’s Model Y, which goes into production next summer.
Car companies have responded to tighter emission standards and action to combat climate change with a rapid rise in their offerings of electric vehicles.
Ford has struggled with flagging demand and increased competition in key markets such as China. Last year the world’s fifth largest carmaker in terms of production announced an $11 billion restructuring plan. Much of this relies on a major bet on electric vehicles.
The Mach-3 will bear the famous pony badge, rather than Ford’s traditional blue oval logo. The car boasts five different versions and will retail at between $35,000 for the basic model to around $60,500 for the GT version.
Ford’s shares traded up 0.5 per cent on the day, around €8.14 ($9.0, £6.95) by midday in Frankfurt.
Catherine Wood, CEO of asset management Ark Invest, told CNBC on Monday that electric vehicle (EV) sales are “about to explode”.
“EVs already are lower cost if you are using total cost of ownership model. But if you just use sticker price, they will be lower priced than the average gas-powered vehicle, we believe, within two years … not only will they be cheaper, they will be better,” she said.
The International Energy Agency estimates that sales of electric cars will reach 23 million by 2030. In 2018, the global electric car fleet topped 5.1 million, up 2 million from the previous year, according to the agency’s Global EV Outlook 2019.